Unified Payment Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), like chillr which is for bank of india, merging several banking features, like unlimited fund transfer from one bank to another bank and payments of various merchants into one single platform. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onward.
Registration process in Unified Payment Interface enabled application.
First User have to downloads the UPI application from the google play store. Then have to create his profile by entering basic information like name, date of birth, virtual id. Then after have to add bank account number which generally will be fetched by the upi app through existing MMID. After adding bank account detials User have to select the bank account from which he wants to inititate the transaction. User will recieve then OTP from the bank to his registered mobile numbe
r. after that one have to enter last six digit of the debit card number and expiry date and then after by entering MPIN transactions take place.
Meanshile you can change the existing MPIN to new MPIN for secuirty purposes. By UPI App we can also request money for payment.
How Unified Payment Interface system In Unique
Immediate money transfer through mobile device round the clock 24*7 and 365 days. Single mobile application for accessing different bank accounts, Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment. Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc. Bill Sharing with friends. Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount. Merchant Payment with Single Application or In-App Payments. Scheduling PUSH and PULL Payments for various purposes. Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments. Donations, Collections, Disbursements Scalable.
Raising Complaint from Mobile Upi App directly.
What are the various charges for UPI Transaction. right now RBI has waived the charges for upi tranaction and its free of Cost.More information will be added time to time in this Post. Keep Visiting and always ask for any doubt.